TRENDS

The GAFA banking approach: GO Digital

Three major platforms/businesses to consider. Where will you play?

Spurred by customer experience standards set by Google, Apple, Facebook and Amazon (GAFA), banking is fast becoming a consumer-to-business (C2B) industry. To stay competitive and relevant, banks must define clear digital agendas, allocate the right investments, prioritize which new digital business initiatives to launch and which key processes to digitize.

To remain central in the lives of consumers while developing new revenue streams, banks need to evolve their business models by turning their attention to their own portfolio of businesses, as well as to next-generation business opportunities. The key here is the interaction between the two agendas—GO Digital, which deals with the businesses of focus, and BE Digital, which deals with business enablement.

There are three major GO Digital sets of platforms/businesses to consider within the GAFA banking portfolio:

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Provide digitally powered financial platforms. Offering both physical and digital options allows the customer to take control of when and how to engage with the bank, as well as simplifying the overall experience.

Develop new businesses. To generate new revenue streams and multiply customer interactions, banks should explore new opportunities, such as branch space monetization, data monetization or digital services for SMEs and corporations, to name a few.

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